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>>> welcome to "worldwide exchange." these are your headlines from around the world. >> sandy roars ashore, the powerful storm dumps a ton of rain on theest coast, knock out power to millions, closes financial markets again an floods parts of lower manhattan. >> and bp hikes it dividend. we hear from bob dudley. >> and ubs will cut 10,000 jobs and wind down its fixed income business. >> plus the bank of japan steps in to boost the economy for a second straight month with another easing move. welcome back, everybody. one hour of the good stuff today. plenty to get through today for hurricane sandy, as well. >> europe went off daylight savings time a week ahead of the u.s. back to full schedule next week. in the meantime, sandy is no longer a hurricane by name, but still making a major impact. storm made landfall monday night along new jersey east koer. still packing hurricane force sandy is expected to weaken, but the rain could linger. already at least ten deaths have been blamed on the storm. u.s. markets will be closed for a second day today. still electronic trading. the last tim
>> it is 7:00 p.m. on the east coast and hurricane sandy is hitting hard. this is a cnbc special report. the waves pounding hard-hit atlantic city, new jersey tonight. plenty of dramatic pictures. >> first we'll start with meteorologist todd gross to get the latest on the storm. >> specifically the storm is basically coming to its heights but not in terms of the water. i'll explain y.can you see some of the winds right now including right here over islip, long island. 59-mile-per-hour gust. now 78 miles per hour. and that's the strongest that we've seen so far. however, take a look at the storm surge that we're expecting just a couple of hours from now when it's high tide. you know, this is full moon coming up tonight which aggravates this a little bit, enough so that this is likely to happen. four to eight-foot storm surge around the south shore of long island, down to the east shore of new jersey. then we have the water funneling in along the long island sound, and that's going to be a big problem with a storm surge of 6 to 11 feet. what does that mean? that means that the actu
here on the halftime show. let's send it over to "power lunch" and the latest on hurricane sandy. >>> scott, thank you very much. we continue our breaking news coverage. hurricane sandy lashing out at the east coast of the united states. streets are flooding. that's the least of it. beaches eroding. this is the real deal, sue. >> indeed it is, ty. i'm sue herera. welcome to "power lunch." we have reporters and live cameras spanned out from washington, d.c. all the way up to new england. but we're going to start with meteorologist todd gross for an update. >> it is still looking grim. basically the two important things to note about this storm are number one, it is transitioning right now in to an extra tropical storm. non-hurricane. it's doing so with a very deep central pressure. you see that 943 mb? that means it is 943 millibars. sounds technical? it means it is a really deep storm, even for a hurricane, and it is transitioning into a non-hurricane, and yet maintaining its strength. that's one important factor. the other important factor is take a look at the bends that this s
sandy. if you have a car in new york, new jersey, other areas affected all along the coast, chances are you're having a hard time filling your gas tank. many stations are still closed. others are seeing huge lines. the question is how long is this going to last? we're going to get into that coming up. >> but first, let's look at where we stand as we approach this final stretch. the mark up 131 points on the dow. check it out. 1% higher on the industrial average. technology among the better performers. you have the nasdaq composite up 42 points, that's 1.5%. s&p 500 looks like this. nasdaq at the highest levels of the afternoon right now. s&p, very close to it. up about 15 points. better than 1%. >> pretty good gains. let's dig deeper into the rally, what we can expect from the jobs numbers tomorrow. >> gentlemen, good to see you. thanks for joining us. gary, let me kick this off with you. you think market rally today is sustainable? >> well -- hi, maria. yeah, thank you. you know, it's kind of a combination of a good technical and fundamental rally. you know, a great confluence, alm
time. hurricane sandy is also still several hours away from make landfall, but the impact of the storm is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and in new york city, mayor bloomberg has ordered the evacuation of some 375,000 people from low lying areas. the new york stock exchange and nymex are in that evacuation zone and are affected today. those markets plus the nasdaq and cboe will be closed today and possibly tomorrow. cme says it may not reopen to tuesday's session. exchanges, brokers and regulators are worried about integrity of markets and cooperate ensure the safety of the employees on site. the last time the u.s. financial markets were closed for a nonholiday event was after 9/11. the last time the new york stock exchange was closed for a weather related issue was 1985 and that was due to hurricane gloria. the u.s. energy complex could take a hit from hurricane sandy. we'll have an update on that shortly. but first let's take a look at european markets. though w
. tonight, the tough road to recovery. >> good evening. super storm sandy leaving a trail of destruction in it's wake. >> the death toll in the us has climbed to at least 4018 in new york city alone. 8 million customers and counting in the mid atlantic region without power tonight. two feet of snow in parts of maryland and west virginia. the stock markets will be open for business tomorrow after being closed for the past two days. president obama will be looking at the devastation with dpgoverr chris christy in new jersey. let's get to todd gross tonight who is tracking the storm over the new york east. >> reporter: you may not believe this. sandy won't quit. if you look right here, there is a new belt of showers and thunderstorms that have formed. gusty storms that are affecting that wart of the country. even the north eastern united states on the coast line is in part of the storm. right in through chicago coming in through the great lakes that is where the winds are funneling in from the north. same winds edge of the storm that moved in on the coast line. that is number two. and three
. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in third quarter. deutsche telecom considering slashing it dividend according to reports. let's show you where we stand on the currency markets. the dollar today ahead of the u.s. jobs report. we'll show you sterling-dollar slightly weaker. dollar slightly firmer against the aussie. and dollar firmer against t
. hurricane sandy, there's been speculation for a week on these building companies. all of them up again today. absolutely remarkable. finally, maria, talk about great timing. guess who's going public tonight? restoration hardware. we need them. maria, it's a very, very small offering. i hear a little bit of a pop tomorrow. i'll be all over that in the morning. >> that's a great company. thanks very much, bob. appreciate it. we'll see you a little later. don't go anywhere. we're all over this big rally and much more on this busy edition of the "closing bell." stay with us. >>> coming up, markets on the move. good economic numbers, but will it carry over if the october jobs report brings bad news? we break it all down straight ahead. >>> plus, brewing profits. maria talks exclusively with starbucks ceo howard schultz about earnings and the effect sandy may have had on his company's supply chain. >>> and insuring stability. aig chief robert benmosche joins maria with his thoughts on earnings, sandy's aftermath, and the treasury department's reported plans to liquidate its remaining shares of his
, you think the sandy play would be over, but no. trex, those waterproofing products -- >> you got to wonder if they're covering shorts in advance of the employment report perhaps, bob. >> they're buying on sandy pretty heavy on these stocks. >> >>ty, more later, back to you. >>> a lot of economic data out today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at least until sandy came. steve leisman here. steve, is sandy going to slam the brakes on this slightly upward arc we're seeing in the economy? >> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also. construction spending powered by resi
. >> campaigning resumes as the northeast assesses the damage from super storm sandy. good and big earnings day for oil giants giants. shell sees a fall and exxonmobile due to report before the opening bell. >> growth recovery may be near. official october pmi bouncing back into expansion territory. >>> we're under way just one hour and an awful lot to to get to. >> new york city still struggling to right itself after monday's super storm. one stap he have the big apple will return, the mta will resume partial subway service on 14 lines. la guardia airport will also reopen at 7:00 a.m. with limited service. amtrak says it will try to restore service to penn station come friday. >> homes in bay ahead are seriously damaged or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we know this is one of the hartest hit areas. with you tell us how extensive the damage is? >> all of those popular summertime vacation communities are cut off from society. and there are stand reminders, bits o
of wind and rain. that's what they forecast and that's exactly what we've gotten and more. sandy's fury is still going to come this evening. originally it was supposed to be about 8:00. that has now been moved up and could be as early as 6:00. where we're we'll start to feel the full impact of high tide. that gives people a short window. people have not yet evacuated. they should have already, in my opinion, but that's a -- it's a very short window until we really feel the full impact of sandy's fury. this is probably the last warning that we're going to be able to give people about getting themselves to a safe place before that coastal surge really hits. of the national guard, the 1,000 that are going to be deployed today, the majority of those national guard will be deployed on long island. as the issue becomes more and more the coastal surge, long island becomes more and more vulnerable and the primary area of our operation. nassau county has put in an urgent request to get more assistance from national guard to help evacuate people from the long beach area and the bayville area. we'
are gearing up for tomorrow, the first day of fully operational markets in the aftermath of sandy. tonight the cme group will reopen its u.s. equity endex futures and options markets. tomorrow it will resume normal hours of the trading floor. joining me now in an exclusive interis the cme chairman. we appreciate you spending the time with us today. >> thanks, maria. our thoughts and prayers are with you and everyone in new york. >> thank you so much. tell us what worked last night. what with did go operational? what kind of trading are you expecti ining tonight? >> you know, everything pretty much worked. we have with invested tremendously in our back-up facilities. we were up and running with no problems whatsoever. we didn't see a tremendous amount of movement in the market, which i think is actually a good thing for what's gone on in the world right now. so we saw the s&p go from roughly 1407 to as low as 1399 and come back up as high as 1411 when we closed up this morning. we are seeing some activity. the volume i would say is just a little bit off of what it would normally be. >> so a
of the recovery, sandy, remain without power in the storm region. some areas likely to be without -- some of you in the ameri mta as a -- we're getting word from coned, the utility here in manhattan, tre to have electricity restored to the island of manhattan. >> not only that people are using cars more and more to get around because of the public transport limit people with generators need gas line to run them. >> wait until you hear the one on the distraught. i'm going to cancel. it just seems like a bad idea in terms of you drink a little too much. i'm not a big gasoline and fiber. >> and monster drinks are about as far as i'm willing to go on that front, as far as box drinks. >> there's an awful lot of cane in new orleans. >> jim just broke, for a minute it was exclusive. phil jones us talking about mall mali staying at ford. >> we're listening to the conference call where mallalay and -- one thing to keep in mind that's very important is that he did not want to just lead ford because this is a company that has a long and really a bad track record when it comes to ceo succession. he looks at
. these are the headlines today from around the world. >> super storm sandy leaves a massive path of destruction in its wake. now residents belong a long and costly recovery process. >> the u.s. markets are set to reopen after being closed the last few days. the new york mass transit system is still shut down. >>> new sthats now expect profit growth to hit the slowest since lifting. >>> welcome to today's show. the good news is financial markets start trading again. >> well, good news or it depends on how they open. certainly there's people with pent up demand. >> i think whatever happens, the fact that we're back up and trading is a good thing. >> the interesting question is why. but why couldn't the new york stock exchange have gone with its electronic trading systems. will this serve as a catalyst to maybe pursue that route the next time with more confidence. >> it's a day of cleanup. >> yes, it is. millions of people in the northeastern u.s. will spend days or weeks to recover from sandy, which is being blamed for at least 46 deaths. at its peak, more than 8.5 million homes and businesses were without p
sandy. >> i'm bill griffeth at cnbc global headquarters. this is usually the last hour of trading but this is the beginning of the worst of sandy. the situation getting more dangerous. that's a live picture out of midtown manhattan. a damaged crane atop a building located on west 57th street in midtown manhattan. all of that as a result of the heavy, heavy winds that are been hitting that area of new york city. we will keep you updated on that particular story. in fact, we have whole team coverage from every angle of this story. todd gross is here with us at battery park city, we have mary thompson from the port of baltimore, brian shactman is on long island. kayla tauche in cape may, new jersey, and we will be navigating the carnage for the next two hours. it is expected to pick up in severity in that time frame. let's start with the big picture from todd gross. todd, where is hurricane sandy although this moment. tell us what comes next. >> less than 100 miles to the southeast of atlantic city. in fact, breaking news for you. the storm is accelerating to the point it's likely to
looking at tonight? >> thanks, jimmy. superstorm sandy is winding down, but the effects linger. i'm larry kudlow, this is a special edition of "the kudlow report." sandy, the road to recovery. >> while sandy is almost gone, she's not forgotten, as the east coast starts the healing process. >> in sandy's wake, towns destroyed. homes under water. millions without power. but today, wall street is back to business, and the pivotal election is just days away. tonight, cnbc assesses the damage and looks ahead to rebuilding. sandy, road to recovery, a special edition of "the kudlow report." >>> here's what we know two days after the killer storm called sandy hit the northeast. u.s. death toll is now at least 64. a second new york city hospital, bellevue, has been evacuated because of power and flooding issues. >> lower manhattan still a crippled zone. the markets were able to open today, but there's still flooding damage down there and also very dark streets. >> so in the metropolitan area, the recovery is a struggle. the availability of electricity to run the traffic lights, pump the gasoline,
right now. >> the threat of hurricane sandy has the east coast and wall street on edge. welcome to str"squawk on the street." we're live this time at cnbc global headquarters. we're here because nyc and nasdaq will be completely shut down today because of sandy. no stock trading as well. originally they planned to use the electronic platform to continue nonfloor trading today but now decided to stop trading all together. the first related shutdown due to weather since hurricane gloria in 1985. trading will be suspended in 15 minutes. all other markets will remain open with scheduled break between 5:15 p.m. and 6:15 eastern time. we see red arrows in europe. we'll talk about things driving that action later on. >> we have your bases covered on hurricane sandy and what is at stake for businesses and your family. we begin with scott cohn in battery park. scott? >> reporter: good morning, melissa. this was completely dry just a couple hours ago. what you are looking at here is high tide. this isn't storm surge to speak of yet. it is high tide exacerbated by the full moon and somewhat exace
sorkin. sandy still packing a punch. more than 7 million people currently without power from north carolina through connecticut. there are more than 2 million people in new jersey alone without power today. we'll get an update on the you power situation in new jersey with the president of pse&g, they have 1.2 million customers without pow person by the way, the president is just declaring a state of emergency in new york city. this is something that will free up more federal funds for people here in long island and in new york city and we will have more on that in just a moment. also coming up in the next half hour, we have delaware governor jack markell. we'll get his assessment of the damage to his state and dennis gartman will talk energy and commodity trading. >> lots of damage to report in the new york city area, more than 50 homes were destroyed by fire last night in breezy point queens. just east of cone any islands, more than 170 firefighters were on the scene. and separately more than 200 patients were evacuated last night from new york university's medical center after po
>>> i'm becky quick along with joe kernen and andrew ross sorkin. sandy is ready to strike. we'll take you through the storm. winds are picking up, rain in a lot of areas. we'll also be talking about the decision to close the nyse and nasdaq trading. and as we brace for the storm, power companies around the region are getting ready to deal with the potential after math. we'll talk to the chief operating officer of pse&g right here in new jersey. that's coming up at 6:40 a.m. eastern time. and more than 7,000 flights have been canceled from washington to boston as those cities brace for flooding and high winds. phil lebeau will have a live report coming up at 6:30 eastern time. . as we've been talking about, the new york stock exchange and nasdaq will be completely shut down today with no stock trading at all. originally the nyse had planned to use its electronic platform, but at this point it has decided to shut trading all together. that happened after it had conversations with other u.s. stock markets and with u.s. regulators, including the sec. and this is the first weather
? >>> stocks didn't fear sandy. stocks up 136 points. good evening, everybody. larry kudlow with my colleague michelle caruso-cabrera. five days before the election. is new york mayor mike bloomberg using hurricane sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimate
in washington with some words of encouragement in the aftermath of superstorm sandy. we welcome you to "closing bell." mari maria, how are you doing? >> i'm doing well. i'm coming to you live from rockefeller center in new york city. the market closed once again today. it is back to business tomorrow, though, with the new york stock exchange and the nasdaq announcing plans for normal trading hours tomorrow. >> i'm bill griffeth. the superstorm did put the brakes on wall street for those two days. the death toll, unfortunately, continues to rise. millions are still without power across several states and will be for several days. but tomorrow will mark a big step toward normalcy for america an its economy as the stock market gets set to open once again. the big question now is, what happens when that opening bell rings tomorrow morning after such a long hiatus and such a disastrous storm? >> really unprecedented. we have team coverage today. scott cohn with the latest on the flooding near wall street. courtney reagan is monitoring the power outages. jackie deangelis is in a new jersey town. we k
in new jersey. the new york stock exchange is closed for a second consecutive day due to hurricane sandy. the year 1888 was the last time the u.s. stock markets were shut for more than one day due to weather. the nyse and nasdaq are hoping to reopen tomorrow, wednesday. a key trading day because it's the last day of the month when traders prays their portfolios. meantime, new york city mayor is set to hold a news conference on sandy 45 minutes from now. we will go to that conference once the mayor begins his remarks. we'll hear from a number of ceos about how sandy has impacted their businesses. the heads of hartford financial and landry is among the top executives who will be joining us over the last few hours. how equity index futures are trading. will cease trading in 15 minutes time. the dow and nasdaq pointing d n down. as for europe, the action dominated by deutsche bank and bp. we do see green arrows across the board with a 1% gain in germany. >> at least 16 deaths blamed on sandy as the storm continues to wreak havoc on the northeast with new york and new jersey dechaired major
exchange. put this one in the books after hurricane sandy shut down trading for two days. the stock market finished the day nearly unchanged after being back to business. it's the fact they're open that matters, speaks to the resilience of wall street as the city looks to recover from this devastating storm. the dow jones industrial down about ten points, volume not bad. lot of people expected light volume, 700 million shares traded here at the big board alone so wasn't as light as a lot of people expected. nasdaq composite lower by 10 points and s&p ticking up about a quarter of a point. it has been an historic day as the markets opened after a two-day shutdown. we get immediate action, elliott warren from kotke and associates, michael gurka of spectrum asset management in chicago. rounding out our coverage as always bob pisani here. elliott, let me kick this off with you and the energy market moves, gasoline on the move today. how was business after the two-day shutdown? >> it was a little choppy today. we saw unleaded gas rally strongly this morning. i think people are keeping an eye on
from sandy, bill. i think today's numbers along with a bunch of other data we've had the last couple days has suggested the economy has more momentum going into november than we thought before. however, when we see the pictures of sandy go from essentially heartbreaking disaster to now sort of more nerve-racking social unrest, when we hear some of the stories out there, i don't think those are the kind of pictures that cause people to take long positions in stocks. i think it's a wait-and-see position. wait and see how much sandy has an effect on the economy before you can take a positive position represented by the numbers here. >> all right. so there's a lot of noise in all of this. you've got sandy. you've got the election uncertainty. you've got uncertainty about the broad economy. i can't imagine, ron that, this 100-point selloff in the dow industrials is because people want more economic stimulus and more qe. disappointment over maybe the jobs numbers show the economy is not in need enough of more qe. we've had so much stimulus out there. >> yeah, i think anybody who's been tra
of the damaged area from hurricane sandy. part of that tour will be by helicopter and this is what he will see when he flies above seaside heights, new jersey. utter devastation. there, the one-time amusement park at seaside heights. simon hobbs is in for sue herera today. >>> but first, to the aftermath of the storm and president obama's visit to the new jersey coastline. kayla tausche is live in atlantic city. kayla? >> reporter: hi, tyler. we just saw air force one fly right over us and headed likely toward the atlantic city airport. we have tons of residents in atlantic city who turned out very excited, very rambunctious to seat president. it is the first day of sun after days of wind and rain and of course the wreckage of sandy here is evident as a place that used to be home to more of a residential part of the boardwalk. residents would fish off of it and stroll here. not so much the business part of the boardwalk but the wreckage you're seeing here, nonetheless. here in atlantic city the cleanup is just in its early, early stages. some residents who chose to stay behind getting power. i
at $62.71 and someone is going to come up in $63.38. >> for caterpillar talking about impact of sandy. it's not all good. they saw a boost of generator sales but other parts of the business are experiencing delays because equipment isn't where it's supposed to be. generac out with earnings raising revenue for the year. this is one that's experiencing a huge pop in the premarket on the back of this. it's a pure generator play. what they say is that there is a need for generators. beyond the hurricane people are going to realize they need generators. they are experiencing a power outage. no more. i won't go through this again. an older demographic shift requires constant power. >> this is something david and i were talking about. it's not one and 100. 2 and 100. it's every other year. the generator may become standard for a lot of people who can afford them. they're not cheap. >> businesses as well. plenty of businesses experiencing power outages. restaurants with perishable foods that need to be thrown away at this point. maybe that underscores the need for these things. that stock is movi
. is the number really as good as it looks? >> the death toll from sandy now stands at 94 as more than 3 million homes still without power now facing colder weather, gas lines stretch for miles and controversy surrounding new york's decision to hold the marathon this sunday. >>> the ipad mini on sale but lines are shorter than expected. we're live at apple stores for the reaction. >>> and starbucks, same store sales up 7% well above expectations. what is howard schultz doing that mcdonald's, chipotle and other restaurant chains are not? >> the report before tuesday's election. nonfarm rose in the month of october above forecast of 125,000. august and september figures were revised higher, 184,000 private sector jobs were added last month. the unemployment rate ticking higher to 7.9%, but this was in line with expectation. it is the private company jobs addition that are the real highlight. government hiring contracted, so with all the private sector that was behind stronger than expected number here. >> that despite the fact it seems businesses have been reluctant to make significant additional
coverage of hurricane sandy, 7:00 p.m. eastern time on cnbc. >>> i always like to say, there is a bug mmul market somewhere. i'm cramer. welcome to cramerica. my job is not just to help you, but to entertain you. we have this once in way life time two-day pause in trading thanks to our unwelcome guest, sandy. and this miserable nation pounding hurricane has stimyed my ability to talk about the market, because alas we didn't have one. for me, it is right smack in the middle of earning's season. and then draw some mid season conclusion that can give us a sense of what awaits us in the final months of do 12. the report is so stark that we have to go over them right now before it starts up again tomorrow. first, our company has spent years and years and years trying to distance themselves from what seemed to be the no growth usa market. the unified currency opened up the market that was right for us expansion. second, they took part in a tiny grab that has provided us earnings for several years now. we are making the move to comment on the conference call that gave you hope that a company's bu
thanks to our unwelcome guest, sandy. and this miserable nation pounding hurricane has stymied my ability to talk about the market, because alas we didn't have one. that doesn't mean we can't use this break in the action to refocus and try to make some money. for me, it is right smack in the middle of earning's season. i've been able to read twice as many conference calls. and then draw some mid season conclusion that can give us a sense of what awaits us in the final months of 2012. the report is so stark that we have to go over them right now before it starts up again tomorrow. first, our company has spent years and years and years trying to distance themselves from what seemed to be the no growth usa market. the unified currency opened up the market that was right for us expansion. second, they took part in a tiny land grab that has provided earnings for several years now. we are making the move to comment on the conference call that gave you hope that a company's business could have another leg up somewhere down the road. china play became a prize possessions on wall street. ♪ halle
at the new york stock exchange. what a couple of days it's been after being shut down by hurricane sandy, wall street winding down the historic afternoon for the stock market, back in business the market down slightly. the fact that we are open today after this recent disaster is viewed as a very important step for this recovery. >> it's an amazing achievement just to get that opening bell this morning. i'm bill griffith. you can see the dow is down modestly and for the most part it has been for the most part smooth sailing in terms of trading at the big board. we'll talk to a host of top market watchers, get their take how the exchanges are doing on the heels of hurricane sandy. >> of course it's all about the recovery. i'll talk with nasdaq's ceo bob griefeld on how his day is going. stay tuned for that as well as any lot of other interviews coming up. we go to the front lines to get a full picture of what it's like getting back on track. >> doing a channel track, traders covering everything from equities and oil to fixed income. scott bauer of trading advantage from the chicago mercan
. but in spite of the tragedy, in our own curious way, sandy has given us the opportunity for a boost since the government rebuilt southern florida after hurricane andrew in 1992. a reconstruction so huge, it moved the country's entire gdp needle just when we needed it, after right a nasty recession. and now that we've assessed the damage, or we're trying to at least, i'll have to tell you one thing. i think this looks like a possible replay of that hugely bullish. ford with terrific numbers because they're connecting with the building materials industry. those stocks performed best today with the ones that took matters into their own hands. we spoke to queen harbors after it bought safety queen. queen harbors may have been up huge anyway, simply because, well, it's queens harbors. buyers love the acquisition. 18% gain for the good guys. two other companies that want to make you money. just in the last couple days. eaton will soon close. cooper industries created a new industrial gain. and we have pvh, which announced it's taking over warner-co. how sweet is this deal? it caused pvh, the ac
was shut down because of sandy. this morning futures down by about two points. nasdaq up by about 2 1/4 points. >>> jfk and newark airports both operational on wednesday, but saw very few flights. jpk is seeing more arrivals than departures, but net back to normal. courtney reagan is at laguardia this morning. >> reporter: good morning. so we haven't yet seen a plane take off here. the first plane is scheduled to take off in about 40 minutes from now. i've been here for over an hour and i got to say, i have never seen laguardia so quiet. i think there are more employees here than passengers. and i went counter to counter and american airlines basically said when i asked how many flights were scheduled to take off, it is very, very limited. he said it will keep changing all day long. air tran said they don't have a plane taking off until 1:00. it's like you were talking about earlier with that coordination, you have to get all the people in the right places. so i think laguardia will see what jfk and newark saw yesterday with more arrivals than departures. normally about 1,000 flights
're faced with in the economy, on the heels of sandy, how do you want to allocate capital? what are you telling investors? >> well, in terms of where the liquidity is going, because we have these liquidity ways, i think you want to be in shorter duration assets if you're going to look at the fixed income markets. you have to believe rates are going to go up. then you have to look at equity groups. that's where the last waves go into the more risky assets. >> and you're seeing that? >> yes. >> all right. we'll leave it there. chip, good to have you on the program. jeff, rick, thanks very much. let's keep our focus zeroed in on the markets. bill stone helps to oversee more than $55 billion in assets. hendrick is in charge of about $100 billion. we want to find out where they're putting their money to work and how they see this market. both join me now. gentlemen, good to have you. bill, you say it's time to be more cautious in equities? >> yeah, we recently really lowered our allocation down to baseline. i think it's for a lot of the reasons that were discussed. even once we get past the
blamed on sandy you most in new york state. unfortunately, they do expect that number to go higher. buses in new york city are expected to start returning by 5 p.m. tonight. not the subways, however. some of the drains into manhattan have reopened. the d.c. metro system has limited service. schools will be closed for an unprecedented third day in a row in the new york city area, ty. >> our coverage, sue, is extensive this hour. on the agenda, more on how the markets are likely to fare when they reopen tomorrow. just heard bob say that duncan niederauer of the nyse will be our guest very shortly. plus the impact on next week's presidential election. an engineer on what went wrong involving that giant crane collapse in middown manhattan yesterday afternoon. >>> let's head to southern manhattan, just a couple of blocks from the new york stock exchange. and we are going to check on the recovery efforts there. scott cone has been in battery park city since the beginning of this storm, less than a five-minute walk from the nyse. scott, what's the latest? i would like to get your reaction to the
in the area impacted by sandy? that's the big question this morning. joe knows this very well, on my way in today, i had to take a taxicab for $125 because jeeves was this line to get gas, he was out of gas. >> i tried to take a car, my guy who i call -- he is not, but he nights as well be a former -- he has never failed. on on tuesday he came. and there have been snowstorms in the past where we've gone off the road, around, jack moved tractor trailers to get here's couldn't get gas. and so then i had to use -- i had a certain amount left in reserve. my gas tank is locked because people are siphoning now. >> it happened to one of our producers. >> there are people with guns. first 12 lines have to to do with troopers being there, you're not getting gas, people pulling guns, fights, frustrated. i saw something, and mill burn is a pretty of a through event community. and this one gas station finally got power, in addition to a five hour wait for cars on the other side, there were people, i don't know, somehow reminded of almost leak refugees. probably 120 people all with gas cans and three
of kids. let's get to lower manhattan. lower manhattan is springing to life today after super storm sandy hit the area, flooding the battery. the new york stock exchange is set to ring its opening bell today after being closed. for the past two days, scott cohn reports from lower manhattan right now. scott? >> good morning, andrew. the red, white, and blue lights behind me are symbolic at the new york stock exchange. they came on about 10:30 monday night as the storm was just make its way through here as people were frantically trying to keep water out, ultimately in vain. but power always stayed on here. this building always stayed dry. that's an important symbol. the question is whether it can be more of a symbol today as they try to get the markets back up and running. we've seen a lot of people arrive here, technicians and so on trying to make sure that their connections from the exchange to the outside world, wherever their firms are, wherever their trading desks are are going to work. but it's going to be a huge challenge. other than this little island of electricity here, there is
lost loved ones. but in spite of the tragedy, in our own curious way, sandy has given us the opportunity for a boost since the government rebuilt southern florida after hurricane andrew in 1992. a reconstruction so huge, it moved the country's entire gdp needle just when we needed it, after right a nasty recession. and now that we've assessed the damage, or we're trying to at least, i'll have to tell you one thing. i think this looks like a possible replay of that hugely bullish. right after a nastier recession. you couldn't tell that today to. ford with terrific numbers because they're connecting with the building materials industry. those stocks performed best today with the ones that took matters into their own hands. we spoke to queen harbors after it bought safety queen. to diversify away from the oil and gas business. queen harbors may have been up huge anyway, simply because, well, it's queens harbors. precisely what sandy ordered. buyers love the acquisition. $8.91. 18% gain for the good guys. tonight we're going to speak with two other companies that want to make
president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the latest. good evening, brian. >> reporter: hi, larry. as late as midafternoon mayor bloomberg was adamant that the race would go on. preparations were moving forward from the equipment to people signing up. but basically the negative momentum swung actually early this morning with the publication of a front-page article in the "new york post" about the huge generators that were being used to power the new york city marathon in central park. there was actually a third generator sitting idle. all three of those cou
8%. >> big move there. thanks, scott. >>> is the clean-up from sandy rolls on, another storm headed toward the eastern seaboard. how bad is it going to be? the weather channel is tracking it for us next. >>> plus, the political impact of the storm. it was foggy before. may be starting to get clearer now. from local communities to local businesses. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. locking the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furi
think hurricane sandy will have an impact on con ed? >> we had a great investor relation private -- the relations guy today, pr guy. it's a good story. it's good a bad chart so people are backing away from it. i like it. let's go to bill in washington, please. bill. >> caller: hey, boo-yeah from seattle. come out of here and get out of that storm. >> i know, it would be drier in seattle. i've been thinking about that. >> caller: next time you're out here, i want to take you out for a boat ride and lunch. my ticket. >> i would love that, thank you. what's up? >> caller: my question is microsoft and what are you going to do with that damn stock. it just will not move. >> no, it's got a kind of sherwin williams feel about it. it's a paint dry stock. what timing. boy, windows -- people go in the store today and check it out. no one is going to the store in the east. microsoft is fine. it's not a great stock, not a bad stock. it needs to have an omg factor and it's got n-o-n-g, if you know what i'm saying. you should buy investments and not trades. those already happened. "mad money"
never want to sell the united states short, ever. hurricane sandy could impact the entire nation as federal money and private insurance starts paying off and construction comes back with a vengeance. auto and home industries are coming back with more confidence than ever. and there is real hope in the air that tomorrow's big employment report might show some nice gains. the jobs report were a tad better than expects. that said, the upward move we saw in many stocks today, particularly in the industrials cannot be traced to anything happening here. no, not at all. these gains were all about one piece of data out of china. and not anything else you heard about why the stocks moved is wrong. we got the boost of stocks from fedex and the freight transporter into a mining and equipment manufacturer. because a chinese purchaser's report came in at 50.2, up from 49.8 the previous month. how the heck can it index in some index out of china amount to a hill of beans for any company? aren't these companies after all located here? yes, yes. it's true that the u.s. matters. but let me use th
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